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Wisconsin helps seniors make college a reality for grandchildren

While college may seem like a distant dream to new parents, grand-parents know how quickly the time goes by -- suddenly the children are in high school and thinking about college.

To help plan for the future, Wisconsin has established a program that allows grandparents to help finance the ever-growing costs of higher education for their grandchildren.

Over the past 20 years, college tuition has risen nationally at a rate three times faster than household income, and financial aids have shifted from 80% grants to 80% loans over the same period of time.

This is causing a heavy burden of debt for many students and their families.

The state legislature recognized this growing problem in 1996 and created EDVEST WISCONSIN, a state administered college savings program that allows relatives to open an account for a child by investing as little as $25 at a time.

Once an account is opened, anyone can contribute to it, thus making it a popular method of gift-giving, especially for grandparents.

The funds are invested in low-risk government and corporate bonds, and earnings are eligible for state and federal tax benefits.

EDVEST may be used for undergraduate tuition and fees at most public and private colleges and technical schools nationwide.

If the child decides not to continue schooling after high school, the fund can be transferred to a sibling or returned to the person who opened the account.

EDVEST is managed by the Office of the State Treasurer, and investments are managed by the State of Wisconsin Investment Board. For information, call the EDVEST toll-free hotline 1-888-338-3789 or see the website http://edvest.state.wi.us.